Guides and Info

Critical Illness Cover Claims

Critical Illness Cover Claims statistics

Claiming on a Critical Illness Cover policy is not what we would celebrate at Life Insurance Cover. As it would mean that someone, somewhere has received a diagnosis that no one would wish for.

However over the many years of people buying Critical Illness protection. Most of the insurance providers are getting better at meeting the needs and requirements for inclusive insurance cover. Which provides a protection net for those individuals and families that need help. Our customers at Life Insurance Cover do regularly ask about how Critical Illness Cover works along with its process.

92.5% Of Claims Paid

The importance of the “data” which seems to be the key word for 2020 cannot be understated. Also the 92.5% of claims being paid to customers, allows conversions of homes and having their medical/physical needs met. It also brings the peace of mind that they had initially insured against. Saving the worry of dealing with a huge change in their life and circumstances.

Although most people are aware of life insurance and what it will do. The vast majority of people have a negative view on Critical Illness Cover. This is due to the way it was provided to customers in the early 1980’s. Which has perpetuated a lack of trust in the product from the older generation. Who may have previously bought a policy and found it not offering the protection they were after.

But with the transparency from insurers and heavy regulation from the FCA. Customers are now finding Critical Illness Cover protection policies that protect them for the future.

Claims Not Paid

Within the 2019 data, there are still many claims for payment being declined. At Life Insurance Cover we advise our customers, when taking out life insurance/critical illness/cover or any other products:

Do not withhold medical conditions: Insurers will want to speak to your GP

Be open and transparent on your needs.

Limitations on policy types and coverage.

By applying all of the above information to the insurers. It will provide an accurate premium and if needed a successful claim. Zurich received 3.7% and Aviva received 1.8% of claims which were declined due to non-disclosure. Within the info-graphic above it is quite easy to see some customers tried to get cheaper protection by withholding information.

Of the remaining percentages for declined claims, these are quite hard to interpret as each insurer has different criteria. Our specialist team at Life Insurance Cover explain to new customers about what the policies will protect against and its limitations. This allows customers to make an informed choice prior to purchasing insurance.

Getting The Right Protection

As more people are getting life insurance protection due to the ever changing circumstances in 2020. It is also worth purchasing the correct level of Critical Illness Cover to protect against long term medical conditions.

The key factor for people purchasing Critical Illness Cover is the cost. Many who require long term medical care are older and therefore the costs are higher. At Life Insurance Cover we advise that to get better premium costs per month, to purchase a policy when you are in your 20’s, 30’s, 40’s as the costs are significantly less than an individual in their 50’s and 60’s.

We will be creating an all inclusive guide to Critical Illness Cover shortly for our visitors and customers. In the meantime please contact us on social media, email or comments section if you have any questions.